Higher Quality & Lower Prices
The 7 most common little mistakes that cost BIG money...
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Putting your home on the market comes with a lot of little decisions. It's up to YOU to make sure these little details don't pass you by... Enjoy the article below, and get to selling! |
| The 7 most common little mistakes that cost BIG money... Brought to you by Super Stagers Home Staging |
| #1 Listing too high. Don’t base your asking price on what YOU want…Base it on what the MARKET has to offer. What you paid for your house, or what it’s worth to you, has very little to do with what you can sell it for at any given time. The same is true of any product you’d like to sell. If your home is not priced competitively, it will be passed up, and the offers will go to something newer, bigger, cheaper, etc. Even if your home is bursting with character and charm, a high price will keep potential buyers from ever stepping foot in the door. Ask your Realtor for comps, and compare your property by area, square footage, and upgrades. Remember, it's not enought to simply look at the comps; your home should fit nicely within the price range of other similar homes in the area. A good Realtor should know how to price a home competitevly, it's your job to listen to his/her experience. That's why you're paying them! |
| #2 Letting it sit on the market. The longer your home is on the market, the less likely you are to get your asking price. There are, of course, exceptions to the rule; but only if your property is something incredibely unique, like a vineyard, massive estate, church, etc. As the market changes, so does the average DOM, or Days On Market. If your home is staying on the market longer than the current average, you probably have a problem. Whether the problem is your home’s presentation, your price, or both…FIX IT! A house that sits on the market is a house that nobody wants, and your potential buyer starts wondering, "What’s wrong with it?" When you do get an offer, it is likely to be a "low-ball" offer…or below your asking price. And because your buyer thinks they have the upper hand, they’ll be less likely to negotiate with you on price or other terms. Overall, remember…DON’T let your house sit on the market! |
| #3 Selling a HOME instead of a HOUSE. Once you go on the market, your home is no longer a home, but a HOUSE. You need to remove just about all indications of your personal life. That includes collections of family photos, refrigerator magnets, counter clutter, etc. A good deep cleaning is also HIGHLY recommended. When you’re on the market, the smallest things can cost you thousands. Dirt and dust build up so sneakily, that you, the homeowner, are unlikely to notice all of it's sneaky little hiding places. Things like doors, light switches, baseboards, and light fixtures are home to a lot of poorly hidden dirt. Attention to detail will infuse your home with new life! It's important to remember that to get top dollar, you must sell your buyers a lifestyle. Your buyers should be taken away in a daydream as they enter your home. You want them to imagine a picturesque life, in your picturesque property; and that's exactly what staging can do for you. Staging is a very effective tool that allows you to turn your home into a luxurious hideaway, showcasing a lavish and stylish lifestyle, even if it is on a budget. Lifestyle is what buyers pay top dollar for. So if you want to get more offers, faster, consider the lifestyle that you are presenting to your potential buyers. |
| #4 Over-improving the home prior to selling. The idea is to make money, not spend it! Your Realtor should know which repairs are going to bring you more money, but use your best judgement. Rule of thumb: If an upgrade is not going to help you sell for more, don’t do it! Some, but not all, upgrades will raise your home’s value. Put your money and effort into truly effective selling tools, and upgrades that stand out to your buyers. |
| #5 Choosing the wrong Realtor. Not all Realtors are created equally! Many Realtors will quote you a high selling price to get your listing, and then talk you into a lower price later on. We’ve seen it a million times! This is a sign of a selfish and dishonest Realtor who is looking for his next buck, and NOT looking out for your best interests. It's also a sign that your Realtor isn't going to put his full attention into your home. Before you sign a listing agreement, ask to see the comps in your neighborhood, and make sure that your Realtor can justify the price. Your comps should be relevant to the current market, and comprised of only the most recent sales. It's crucial that the Realtor you choose should also have a solid marketing plan for your home. If he doesn't have a solid plan up front, he isn't going to develop one along the way. Experience is important, and could mean a higher price at the negotiating table, a shorter selling period, and more reliable advice in general, but that doesn't mean a newer agent won't do as well. Pay attention to the details, and go with the Realtor with the most tools, best ethics, and who will consider your best interests over his/her own. |
| #6 Sticking around for the open house. Give your buyers room to breathe. They need to roam around and discover the home for themselves. Your potential buyers should be able to speak freely, which can be difficult to do in front of you. Your goal is to present a home that "feels good" to your buyers. You want them to be comfortable. Buying a home is an emotional decision, and it’s best that you present a competitive product, and then leave selling to your Realtor. |
| #7 Failing to take the first offer seriously. Don’t assume that if you get one offer right away, that many more, and better, offers are sure to follow. Take your first offer seriously. The first offer ends up being the best in many cases. Your home is most sellable in its first few days on the market. Too many sellers would give anything to find that prospective buyer who made the first, and ONLY, offer. |